LIC to launch credit card by Mar-end, 50K cards in a yr

At a time when major banks are slowing down their card issuance, state-owned life insurer, Life Insurance Corporation of India (LIC), is targeting to issue 50,000 of its proposed credit cards, which are likely to hit the market by the end of this month. The state-owned Corporation Bank, with which the LIC has a tie-up for white-labelled credit card business, will restrict its job to providing the back-office support and issuance of the cards. Talking to FE, DK Mehrotra, managing director, marketing, LIC, said, Though back-office support is provided by Corporation Bank, the card will be purely an LIC card. ...

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